Remember that story about Ark Encounter selling its land to its non-profit arm to avoid paying a "safety tax" to the city? And then losing its state tax incentives, because the sale violated its agreement with the state?
Well, it just sold itself back to itself:
Three days after state tourism officials suspended an $18 million tax incentive, officials at a Noah’s Ark theme park have sold their main parcel back to their for-profit entity for $10.
The issue started in late June after Ark Encounter LLC sold the parcel to its non-profit affiliate, Crosswater Canyon for $10. The deed continues to describe the property as worth $18 million even though the Grant County PVA has assessed the land for $48 million.
Ark Encounter officials have declined to say why they sold the property in the first place, but the move in June coincided with their refusal to pay a safety assessment tax levied by the city of Williamstown. City officials worried that the sale might be the first step in the ark park claiming non-profit status, which would exempt it from property taxes.
Dear Ken Ham: Karma's a bitch, ain't it?
(Via Joe.My.God., and thanks for the image.)
No comments:
Post a Comment